印度央行於政府文件中重申，加密貨幣監管政策應採取「傾向於禁止」的立場，並建議禁止銀行與金融機構持有、交易或承擔加密資產及私人發行穩定幣相關風險敞口，藉此遏製風險外溢。印度稅務部門警示，離岸交易所與私人錢包交易難以追溯實際受益所有人、追徵稅款，以盧比計價的點對點交易亦會加大應稅收入的監控難度。截至5月底，印度加密貨幣交易者約3900萬人，所持數位資產總值約21億美元。

In official government documents, the Reserve Bank of India (RBI) restated that crypto regulation should adopt a stance 'leaning toward prohibition'. It proposed banning banks and financial institutions from holding, trading or having exposure to crypto assets and privately issued stablecoins to contain risk spillover. India’s tax authority warned that transactions on offshore exchanges and private wallets make it hard to trace beneficial owners and recover taxes, while rupee-denominated peer-to-peer trades complicate tracking taxable income. As of late May, India had around 39 million crypto traders holding digital assets worth approximately USD 2.1 billion.